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Exhibit 10.23
MOORE MEDICAL CORP. - 2000 EXECUTIVE OFFICERS' BONUS PLAN
1. Purpose: Eligibility, Etc. This Plan, which has been adopted by the
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Compensation Committee of the Board of Directors of Moore Medical Corp. (the
"Company"), is designed to offer the incentive of bonus compensation to officers
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designated by the Board or its Compensation Committee, for purposes of the Plan,
as participating executive officers ("Participants"). Neither this Plan nor the
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designation as a Participant constitutes an agreement of continued employment
and it confers no such right. No bonus will be payable if a Participant
breaches a material obligation to the Company. An officer who is designated a
Participant during the year will (unless the Board or its Compensation Committee
otherwise provides) be eligible for a bonus computed on an elapsed day basis,
from the date of designation until the year-end. If, for any reason whatsoever
other than death or disability, a Participant should cease being an employee of
the Company or a subsidiary on a full-time basis before year-end, he or she will
(unless the Board or its Compensation Committee otherwise provides) be entitled
to no bonus compensation.
2. Bonus. As bonus compensation, the Company will pay each Participant,
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within 75 days after its 2000 fiscal year-end, the percentage of his or her Base
Salary (defined below) set forth in the right-side column below if: (a) at least
5% of its net revenue for the year is from Internet sales, (b) its gross margin
for the year is at least 29.5%, and (c) its net revenue for the year, as shown
in its audited financial statements for the year, exceeds the amount opposite
said percentage in the left-side column below:
$155,000,000 37.5%
$145,000,000 27.5%
$135,000,000 25.0%
$125,000,000 18.75%
A Participant's "Base Salary" is his or her W-2 gross pay for 2000,
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excluding any bonus under this Plan, any award under the Company's 2000
Incentive Compensation Plan, and compensation not paid for a period (other than
normal vacation) during which he or she was actively working full-time for the
Company or a subsidiary, such as for a period of disability or for severance.
